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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Draghi defended ultra-loose ECB policy before German lawmakers
The European Central Bank (ECB) President, Mario Draghi, at a hearing at the Bundestag, rejected German criticism that sub-zero interest rates were impoverishing savers and that the central bank’s monetary policy was a necessity to get the Euro zone back on the path to growth and to revive inflation in the region. He further added that if the ECB’s decisions continue to be constantly attacked, the central bank might be forced to take more extensive measures to be effective.
German consumer confidence index fell surprisingly in October
In October, the consumer confidence index in Germany dropped unexpectedly to 10.00, compared to market expectations of a steady reading. In the prior month, the consumer confidence index had recorded a reading of 10.20.
French consumer confidence steadied in September
Consumer confidence in France remained unchanged at 97.00 in September, meeting market expectations.
Italian consumer confidence index eased in September
The consumer confidence index dropped to 108.70 in Italy, in September, lower than market expectations of a drop to 109.00. In the prior month, the consumer confidence index had registered a revised level of 109.10.
Italian wage inflation steadied in August
In August, the wage inflation remained steady at 0.00% in Italy.
Italian annual wage inflation remained flat in August
In Italy, the annual wage inflation remained unchanged at a level of 0.60% in August.
Swiss UBS consumption indicator advanced in August
Consumption indicator recorded a rise to 1.53 in Switzerland, in August. UBS consumption indicator had recorded a revised reading of 1.45 in the prior month.
US mortgage applications declined in the last week
On a weekly basis, mortgage applications registered a drop of 0.70% in the week ended 23 September 2016, in the US. In the prior week, mortgage applications had dropped 7.30%.
US non-defence capital goods orders (ex aircraft) unexpectedly advanced in August
On a MoM basis in August, the flash non-defence capital goods orders (ex aircraft) unexpectedly advanced 0.60% in the US, more than market expectations for a drop of 0.10%. The non-defence capital goods orders (ex aircraft) had registered a rise of 1.50% in the previous month.
US durable goods orders remained steady in August
In August, on a MoM basis, the flash durable goods orders remained unchanged in the US, more than market expectations for a fall of 1.50%. In the prior month, durable goods orders had advanced by a revised 3.60%.
US non-defence capital goods shipments (ex aircraft) surprisingly dropped in August
On a monthly basis, the flash non-defence capital goods shipments (ex aircraft) unexpectedly dropped 0.40% in August, in the US, lower than market expectations for an advance of 0.10%. In the previous month, the non-defence capital goods shipments (ex aircraft) had registered a drop of 0.50%.
US durable goods orders (ex transportation) dropped less than expected in August
On a monthly basis, the flash durable goods orders (ex transportation) dropped 0.40% in the US, in August, less than market expectations for a fall of 0.50%. Durable goods orders (ex transportation) had climbed 1.30% in the previous month.
Japanese large retailer’s sales registered a drop in August
Large retailer’s sales fell 3.60% in Japan on a MoM basis, in August. Large retailer’s sales had advanced 0.60% in the prior month.
Japanese retail trade dropped more than expected in August
Retail trade registered a drop of 1.10% on a monthly basis in August, in Japan, more than market expectations for a fall of 0.60%. In the prior month, retail trade had advanced by a revised 1.50%.
Japanese investors remained net buyers of foreign stocks in the previous week
Japanese investors were net buyers of ¥38.90 billion worth of foreign stocks in the week ended 23 September 2016, from being net buyers of ¥293.40 billion worth of foreign stocks in the prior week.
Japanese small business confidence index recorded a rise in September
In September, the small business confidence index registered a rise to 47.70 in Japan, compared to a level of 46.30 in the prior month. Markets were anticipating the small business confidence index to rise to a level of 46.90.
Foreign investors remained net sellers of Japanese bonds in the previous week
Foreign investors were net sellers of ¥2804.90 billion worth of Japanese bonds in the week ended 23 September 2016, from being net sellers of ¥526.10 billion worth of Japanese bonds in the prior week.
Foreign investors became net sellers of Japanese stocks in the previous week
Foreign investors were net sellers of ¥211.70 billion worth of Japanese stocks in the week ended 23 September 2016, as compared to being net sellers of ¥817.40 billion worth of Japanese stocks in the previous week.
Japanese investors became net buyers of foreign bonds in the previous week
Japanese investors were net buyers of ¥1178.60 billion worth of foreign bonds in the week ended 23 September 2016, from being net buyers of ¥1376.10 billion worth of foreign bonds in the prior week.
Japanese retail trade declined more than expected in August
Retail trade in Japan fell 2.10% on a YoY basis in August, more than market expectations for a drop of 1.70%. In the prior month, retail trade had registered a drop of 0.20%.
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